Windlas Biotech Ltd(WINDLAS)

NSE: WINDLASBSE: 543329

₹ 879-0.51%refreshed 27 Oct, 03:30 pm ISTMarket cap: ₹ 1,814 crWebsite: www.windlas.comUpdated: 27 Oct 2026

About

Windlas Biotech is an Indian pharmaceutical contract development and manufacturing organisation (CDMO) focused on generic formulations, with three verticals: Generic Formulations CDMO, Trade Generics & Institutional, and Exports. The company reported FY26 revenue of ₹904 Cr (+19% YoY), crossing ₹900 Cr for the first time. It operates oral-solids and injectable manufacturing facilities in India and has sustained 14 consecutive quarters of record revenue through Q1 FY27.^[1][2][3]

Business segments

Generic Formulations CDMO: ₹664 Cr in FY26 (+20% YoY) and ₹207 Cr in Q1 FY27 (+29% YoY); manufactures oral solids and injectables for branded-generic pharma companies on a cost-plus CDMO model.^[3][2]
Trade Generics & Institutional: ₹195 Cr in FY26 (+13% YoY); ₹30 Cr in Q1 FY27 (-32% YoY) following discontinuation of codeine-based products; sells under own brand to stockists and to government/institutional buyers.^[3][2]
Exports: ₹46 Cr in FY26 (+40% YoY); ₹11 Cr in Q1 FY27 (+79% YoY); supplies formulations to regulated and semi-regulated markets across at least 10 countries.^[3][2]

Products and portfolio

Complex generics represent 74% of the CDMO portfolio in FY26; dosage forms commercialised include oral solids, ampoules, vials, and lyophilized vials.^[3][4]
67 products exported across 10 countries as of FY26.^[3]
Injectable facility is being positioned as a CDMO option for GLP-1 vial filling as innovators seek to outsource at scale.^[3]

Manufacturing operations

Oral solids capacity spans multiple plants (Plants 1 - 3 and Plant 6 under commissioning); peak revenue capacity from oral solids to reach ~₹1,000 Cr once Plant 6 is fully online.^[3][5]
Injectable facility (Plants 4 & 5) carries peak revenue capacity of ~₹100 Cr, bringing combined group peak capacity to ₹1,100 Cr with a further 10 - 15% efficiency upside.^[3][2]
Capacity utilisation improved to 66% in FY26 vs 59% in FY25.^[3][2]
1,382 customer audits completed in FY26, supporting the CDMO customer qualification pipeline.^[3]
Regulatory approvals held as of FY26: SAPHRA (South Africa), EU-GMP (Europe), Philippines GMP (injectable facility, Plants 4 & 5).^[2][3]

Key operating numbers

CDMO customer base: 926 as of FY26; top customer at 6.5% of FY26 revenue; top 10 customers at 32% of FY26 revenue.^[3]
Gross margin: 38.4% in Q1 FY27 vs 38.3% in Q1 FY26.^[2]
Adjusted EBITDA margin (ex-ESOP): 13.6% in Q1 FY27 vs 12.8% in Q1 FY26; adjusted EBITDA grew 26% YoY to ₹34 Cr in Q1 FY27.^[2]
R&D expenditure: ₹8.3 Cr in FY26.^[2]
IPM volume growth context: 3.4% in Q1 FY27; 2.7% in Q4 FY26.^[2][3]

Customers and distribution

CDMO customer base of 926 companies in FY26; no single customer exceeds 6.5% of revenue, reflecting ongoing diversification.^[3]
Trade Generics distribution target is 5,000 - 6,000 stockists over time, up from ~1,000 currently.^[5]
Export markets include South Africa, Philippines, and European markets; 67 products registered across 10 countries as of FY26.^[3][5]

Expansion and capex

Plant 6 oral solids facility: total capex ₹50 - 60 Cr; mechanical completion achieved in Q4 FY26; customer validations and audits ongoing; targeted for full commercial operation by end of H1 FY27 (Q2 FY27).^[2][3][5]
Plant 6 will add initial quarterly depreciation of ~₹3 Cr from Q2 FY27 (partial) rising to full run-rate in Q3 FY27.^[2]
Injectable capacity expansion: supportive infrastructure (water systems, AHUs) already in place; lead time to add machinery, qualify and bring online is 6 - 8 months once triggered.^[2]
Next organic capacity build for oral solids to be triggered only when utilisation approaches ~60%; brownfield lead time ~1 year; no new capex planned in near term beyond Plant 6.^[2][3]
Next dosage-form addition: inorganic M&A preferred, organic capex as fallback; to be triggered once injectable facility approaches peak utilisation; nothing finalised.^[3][2]

Recent developments

Q1 FY27 (ended June 2026): ₹47 Cr share buyback at ₹1,000/share completed via tender offer; promoters did not participate; shares subsequently extinguished.^[2]
FY26 dividend declared: ₹13 Cr total (₹6.30 per equity share).^[2]
FY26: Plants 4 & 5 (injectable facility) received GMP certification from the Philippines drug authority, enabling entry into Southeast Asian export markets.^[3]
Schedule M enforcement tightened in India with no further extensions; management views plant closures among non-compliant CMOs as a structural consolidation tailwind for organised CDMO players.^[5]
ESOP 2025 scheme granted to ~100 key employees across department and division management levels at face value strike price of ₹5 per share.^[4]

Market Cap

₹1,814 Cr

High / Low

₹1,181 / 699

Stock P/E

37.8

Price / Book

3.2

Book Value

₹275

EPS

₹31.5

No. of Shares

2.11 Cr

ROCE

16.0%

ROE

12.2%

OPM

10.0%

Debt / Equity

0.05

Sales

₹904 Cr

Net Profit

₹66 Cr

Promoter holding

63.3%

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